February 6, 2007

Suite-intensive arena promises millions in revenue

Hey kids, Barclays Center luxury suites on sale now to team sponsors and investors!

Atlantic Yards Report explains why luxury suites are the impetus of the new sports-venue construction boom and tries to figure out what's it worth to Ratner:

The city would earn only about $1 million a year in new tax revenues from the Brooklyn arena, according to 2005 analysis by the Independent Budget Office (and that’s been criticized by analyst Neil deMause for too much optimism).

But developer Forest City Ratner and other Nets owners stand to earn millions more from lucrative new suites, helping pay for the country’s most expensive arena ($637.2 million) by constructing nearly six times as many suites as the current Continental Airlines Arena, built in 1981.